A free zone, two hotel developments and a condominium estimated at $185 million and $30 million are part of the works that private entrepreneurs have planned for the province of Limon, in Costa Rica.
With the announcement of the construction of the container terminal at Moin and the extension of Route 32, investors have glimpsed investment and business opportunities in the province, which foresees strong economic development in the coming years.
Agroganadera Pinilla SA has announced the sale of La Posada, in Hacienda Pinilla, Guanacaste, to the company Rythmia Holdings Company SRL, which will convert the facility into a center for medical treatment.
From a statement issued by Agroganadera Pinilla, SA:
Agroganadera Pinilla, SA, owner of Hacienda Pinilla Beach Resort & Residential Community in Guanacaste, announces the sale of the Hotel La Posada to the company Rythmia Holdings Company SRL, a subsidiary of Rythmia LLC, a company based in California, USA.
Preparations are being made in the country for the opening of two high rise condo projects which combine residential units with hotel facilities and services.
The first 'condo-hotel' project called Ocean, located in Jaco, Puntarenas, is expected to start operations in December and includes an infrastructure of 7,200 square meters. The second project will begin the first phase of construction in the Greater Metropolitan Area in 2016 and will focus on the corporate market.
In the absence of concrete actions by the state, companies in the province of Limón have announced that they will promote economic development in the area using foreign investment.
In order to generate more projects to develop economic activity in the province of Limón, employers in the area are calling for foreign investors who have an affinity with the region.
The Paradisus Papagayo Bay Resort & Luxury Villa’s under construction in Costa Rica on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue.
A report by a swiss capital company, SunVesta Inc., published by the United States Securities and Exchange Commission (SEC) reports on the details and progress of the $190 million tourist resort that the firm is developing in the Gulf of Papagayo in Guanacaste, Costa Rica.
The developer of the Golfito Marina Village & Resort project in the southern part of Costa Rica, plans to begin construction in June.
The group Hacienda El Dorado has announced the development of a new residential resort, hotel and marina in the Golfito area, which includes a deep-water marina with 130 moorings for yachts, condominium residences, a luxury hotel and spa.
"The Food and Drink Trade Show 2014" will be held from May 19 to 21 in San Salvador and will bring together international buyers with companies in the region.
From a statement issued by the Restaurant Association of El Salvador (ARES):
ARES presents the first annual exhibition that brings together suppliers, distributors and importers to showcase their products and services for the food industry, and related hospitality services in the region.
In Costa Rica the investors of Altara El Tucano Trust rejected a proposal for refinancing, leading to the subsequent execution of the guarantee and possible sale.
After having created a trust to issue debt of $7 million to buy the hotel, the group of investors rejected the option to suspend the execution of the guarantee, which uses as collateral the hotel, valued in an appraisal made in July 2012, at $16.5 million.
On March 24th and 25th Central American companies supplying the hotel and restaurant industry will meet in El Salvador.
El Salvador will be hosting the fifth edition of the Regional Provider Fair "Ferprotur 2014" for the hotel and restaurant industry, which will be held on 24 and 25 March in San Salvador.
In the fifth edition of Ferprotur national and international companies providing products, goods and services for the hotel and restaurant industry will come together.
Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.
Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.
There are plans to build a mini-city on the beach in Puntarenas, two mega projects and 6 other smaller works that represent $211 million in investments.
The three largest projects will be developed by local companies in the province of Puntarenas, in the Central and Garabito cantons. "These, together with six other smaller private works, represent investments of over $211 million and the use of more than 164 hectares of land in the next 15 years," noted an article in Elfinancierocr.com.
There is a growing trend among hotel chains to buy international franchises in order to improve their management.
For example, in Costa Rica, the Ramada Herradura changed its name to Wyndham Herradura following an investment of $1 million last December. In 2011, the Gran Hotel Costa Rica transformed its brand, changing its name to Gran Hotel Costa Rica Ascend Collection.
With an investment of $30 million the Croc Casino Resort will be built in Jacó, which will have 17 floors, and is forecast to open in December 2014.
The complex will have 152 rooms and 44 luxury condominium residences as well as a beachfront pool, restaurants, a nightclub, a spa, the "Croc Habitat" retail shops and facilities for meetings and conventions.
Box office revenues from the show featuring Mexican Ocesa in Costa Rica, will be close to $17 million.
In the past two years an average of 30 major arts events have taken place in the Costa Rican capital, with an average annual income from ticket sales of $12 million.
"The Municipality of Alajuela estimates that the organizer of the show, Ocesa Costa Rica, will have to pay an amount which is close to $795,000, representing 5% city tax per ticket sold," noted an article in Elfinancierocr.com.
Six new hotels will be opening in the province of Guanacaste between late 2013 and mid-2014.
An article in Nacion.com reports that "a report commissioned by this newspaper with the Costa Rican Tourism Institute (ICT) determined that, as expected, four major projects will be opening in Guanacaste starting from the end of this year,."
It is expected that December this year will see the opening of the hotels Vista del Mar, with 58 rooms, and Andaz Papagayo in Liberia, with 153 rooms. By July of 2014 it is expected that the Meliá Papagayo, with 379 rooms, will open in the Canton of Carrillo. In November 2014 Dreams Las Mareas will open in Salinas, which is a hotel with 447 rooms.